Moorfield raises €118m for Fund III

Moorfield Group held the first close of its third private equity real estate fund, Moorfield Real Estate Fund III (MREFIII), having raised over £100 mln (€118 mln) of equity committments.

Moorfield raised equity on a discretionary basis from both US and European investors with future closes expected to include equity from other continents.

MREFIII will be a UK focused opportunistic fund with £250 mln of equity to invest in both traditional and alternative real estate seeking 15-20% internal rates of return (IRR).

The fund will have a three year investment period and an eight year life, both extendable if required.

Moorfield said it has already originated investment opportunities for MREFIII and will look to generate more going forward.

'We expect second and subsequent closes to follow shortly as the fund is now live and originating investment opportunities,' said Marc Gilbard, Chief Executive of Moorfield. We have also been approached by various other organisations who would like to invest alongside MREFIII. Hence, the size of the investment opportunities and the total assets under management will very likely be larger than the size of the fund alone would suggest.'

Moorfield Group is a UK real estate and related private equity fund manager, with some £2 bn currently under management through the Moorfield Real Estate Funds (MREFs).